Flipkart’s valuation has been devalued. According to Morgan Stanley, Flipkart is now worth only $11.1 billion – a full 27% below its valuation of $15.2 billion at which it had raised money last year.
Jabong’s Chief Marketing Officer Saurabh Srivastava has quit less than 5 months after joining the company. Srivastava had joined Jabong in October last year, and had replaced Praveen Sinha, one of Jabong’s co-founders, who had quit to start his own venture.
Vijay Mallaya has announced that he’s resigned as Chairman of United Spirits. The company, which is now controlled byBritish multinational Diageo, has agreed to drop all charges of irregularities under his watch. Mallaya will also receive Rs. 515 crore over 5 years in return for stepping aside.
Incredible scenes were witnessed at Snapdeal’s New Delhi office after the company put 200 of its employees on a Performance Improvement Plan.
The spate of employee layoffs has finally reached e-retail companies. After Helpchat, Zomato, TinyOwl and several others had fired employees over the course of the last few months, it has emerged that Snapdeal is on the verge of laying off as many as 200 employees from its workforce.
“India’s looking as sweet as Kulfi!” to 500 Startups at the moment, as it has launched 500 Kulfi, a $25 million India-focussed fund. The fund will be sector agnostic, but will focus on FinTech, EdTech, Health & Wellness, Data Analytics, Content and SaaS and SMB.
The Zika virus, which has been spreading across South America and has people in the US panicking, has had an unexpected fallout in faraway India. Tata Motors was all set to launch its new hatchback, rather unfortunately named Zica, when news of the virus outbreak started grabbing headlines last month. Tata realized that it would be hard to market a car that was named after a virus killing thousands of people, and decided to rebrand Zica.
Snapdeal is known for giving away some unbelievable discounts, but this was a discount that seemed too good to be true. Punjab University B.Tech student Nikhil Bansal was browsing through the site when he came across an iPhone 5S that was at 99.97% off. While others might’ve dithered, thinking this was a technical glitch, Bansal immediately ordered the phone. He paid Rs. 68, or $1, for a shiny new iPhone 5S.
You have a long waiting period in store if you’re trying to leave your TCS job. India’s largest employer in the IT services industry has announced that it is extending its notice period to 3 months starting March this year. The current notice period at the company is one month.